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MTNL spurts after Govt lists BSNL, MTNL assets for sale

Capital Market 

Mahanagar Telephone Nigam (MTNL) rose 5.84% to Rs 19.95 as the government is planning to sell real estate assets of state-run telecom firm.

The Department of Investment and Public Asset Management (DIPAM) invited bids to sell six assets of state-run telecom firms Bharat Sanchar Nigam Ltd (BSNL) and MTNL through its new asset monetisation portal.

"Non core asset monetisation commences with the first set of six properties of BSNL/ MTNL bid out on the MSTC portal," DIPAM Secretary Tuhin Kanta Pandey tweeted.

According to media reports, the government has listed for sale real estate assets of the telecom companies at a reserve price of around Rs 1,100 crore.

MTNL assets located in Vasari Hill, Goregaon in Mumbai for sale at a reserve price of around Rs 270 crore. MTNL's 20 flats located in Oshiwara have also been put up for sale as part of the asset monetisation plan of the company, the media reported.

Further, BSNL properties located in Hyderabad, Chandigarh, Bhavnagar and Kolkata have been posted for sale at a reserve price of around Rs 800 crore, reports added.

On a consolidated basis, MTNL reported net loss of Rs 654.56 crore in Q2 September 2021, higher than net loss of Rs 582.25 crore in Q2 September 2020. Net sales declined 10.65% to Rs 305.73 crore in Q2 September 2021 over Q2 September 2020.

MTNL is the principal provider of fixed-line telecommunication service in Delhi and Mumbai. It is also present in Nepal through its joint venture United Telecom (UTL) and in Mauritius through its 100% subsidiary Mahanagar Telephone Mauritius Limited (MTML).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 22 2021. 11:27 IST